Homework Answers
Answer - (a) -
Calculation of Carrying value of Patent No. 758-6002-1A on December 31, 2014
| Calculations | Amount ($) | |
| Costs to obtain Patent on January 4, 2014 | Given in the question | 62900 |
| Amortization for 2014 | [$62900 / 17 years] | (3700) |
| Carrying value of Patent on December 31, 2014 | [$62900 - $3700] | 59200 |
.
Answer - (b) -
Calculation of Carrying value of Patent No. 758-6002-1A on December 31, 2018
| Calculations | Amount ($) | |
| Carrying value of Patent on January 2015 | - | 59200 |
| Amortization for 2015 | [$62900 / 17 years] | (3700) |
| Amortization for 2016 | [$62900 / 17 years] | (3700) |
| Legal fees to defend Patent | Given in the question | 36400 |
| Carrying value of Patent on December 31, 2016 | [$59200 - $3700 - $3700 + $36400] | 88200 |
| Amortization for 2017 | [$88200 / 14 years] | (6300) |
| Amortization for 2018 | [$88200 / 14 years] | (6300) |
| Carrying value of Patent on December 31, 2018 | [$88200 - $6300 - $6300] | 75600 |
.
Answer - (c) -
Calculation of Carrying value of Patent No. 758-6002-1A on December 31, 2021
| Calculations | Amount ($) | |
| Carrying value of Patent on January 2019 | - | 75600 |
| Amortization for 2019 | [$75600 / 5 years] | (15120) |
| Amortization for 2020 | [$75600 / 5 years] | (15120) |
| Amortization for 2021 | [$75600 / 5 years] | (15120) |
| Carrying value of Patent on December 31, 2021 | [$75600 - $15120 - $15120 - $15120] | 30240 |
.
Would your answer differ if ASPE were followed ?
Answer - No
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Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of...
Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of...
Fields Laboratories holds a valuable patent (No. 758-6002-1A) on
a precipitator that prevents certain types of air pollution. Fields
does not manufacture or sell the products and processes it
develops. Instead, it conducts research and develops products and
processes which it patents, and then assigns the patents to
manufacturers on a royalty basis. Occasionally it sells a patent.
The history of Fields patent number 758-6002-1A is as
follows.
Date
Activity
Cost
2008–2009
Research conducted to develop precipitator
$388,000
Jan. 2010...
Fields Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of...
Fields Laboratories holds a valuable patent (No. 758-6002-1A) on
a precipitator that prevents certain types of air pollution. Fields
does not manufacture or sell the products and processes it
develops. Instead, it conducts research and develops products and
processes which it patents, and then assigns the patents to
manufacturers on a royalty basis. Occasionally it sells a patent.
The history of Fields patent number 758-6002-1A is as
follows.
Date
Activity
Cost
2008–2009
Research conducted to develop precipitator
$366,000
Jan. 2010...
Bramble Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of...
Bramble Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Bramble does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Bramble patent number 758-6002-1A is as follows. Date Activity Cost 2011–2012 Research conducted to develop precipitator $376,000 Jan. 2013...
Blue Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of...
Blue Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Blue does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Blue patent number 758-6002-1A is as follows. Date Activity Cost 2011–2012 Research conducted to develop precipitator $368,000 Jan. 2013...
Martinez Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of...
Martinez Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Martinez does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Martinez patent number 758-6002-1A is as follows. Date Activity Cost 2011–2012 Research conducted to develop precipitator $382,000 Jan. 2013...
Current Attempt in Progress Pina Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that...
Current Attempt in Progress Pina Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Pina does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Pina patent number 758-6002-1A is as follows. Date Activity Cost 2011-2012 Research conducted to develop...
tion and reflecting all balances accurately as of that date. (Ignore income tax effects.) 2 3...
tion and reflecting all balances accurately as of that date. (Ignore income tax effects.) 2 3 P12-2 (Accounting for Patents) Choo Laboratories holds a valuable patent (No. 758-6002-1A) on a pre- cipitator that prevents certain types of air pollution. Choo does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents and then assigns the patents to manufacturers on a royalty basis. Occasionally, it sells a patent. The...
Question 3 0.6 The intangible assets section of Martinez Corporation's balance sheet at December ...
Question 3 0.6 The intangible assets section of Martinez Corporation's balance sheet at December 31, 2017, is presented here. Patents ($78,100 cost less $7,810 amortization) $70.290 Copyrights ($42.000 cost less $29 400 amortization) 12600 $82,890 Total has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018. Jan. 2 Paid $36,000 egal costs to successtully defend the...
0.5/1 III Teal Mountain Industries has the following patents on its December 31, 2019, balance sheet....
0.5/1 III Teal Mountain Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $42,636 3/1/16 17 years Patent B $16,080 7/1/17 10 years Patent $18,720 9/1/18 4 years The following events occurred during the year ended December 31, 2020 1. Research and development costs of $239,000 were incurred during the year. 2. Patent D was purchased on July 1 for $26,448. This patent has...
Question 7 of 9 < > 0/13 View Policies Show Attempt History Current Attempt in Progress...
Question 7 of 9 < > 0/13 View Policies Show Attempt History Current Attempt in Progress Kingbird Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $45,288 3/1/16 17 years Patent B $17,640 7/1/17 10 years Patent C $24.960 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $252,000 were incurred during the...
Fields Laboratories holds a valuable patent (No. 758-6002-1A) on
a precipitator that prevents certain types of air pollution. Fields
does not manufacture or sell the products and processes it
develops. Instead, it conducts research and develops products and
processes which it patents, and then assigns the patents to
manufacturers on a royalty basis. Occasionally it sells a patent.
The history of Fields patent number 758-6002-1A is as
follows.
Date
Activity
Cost
2008–2009
Research conducted to develop precipitator
$388,000
Jan. 2010...
Fields Laboratories holds a valuable patent (No. 758-6002-1A) on
a precipitator that prevents certain types of air pollution. Fields
does not manufacture or sell the products and processes it
develops. Instead, it conducts research and develops products and
processes which it patents, and then assigns the patents to
manufacturers on a royalty basis. Occasionally it sells a patent.
The history of Fields patent number 758-6002-1A is as
follows.
Date
Activity
Cost
2008–2009
Research conducted to develop precipitator
$366,000
Jan. 2010...
Current Attempt in Progress Pina Laboratories holds a valuable patent (No. 758-6002-1A) on a precipitator that prevents certain types of air pollution. Pina does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents, and then assigns the patents to manufacturers on a royalty basis. Occasionally it sells a patent. The history of Pina patent number 758-6002-1A is as follows. Date Activity Cost 2011-2012 Research conducted to develop...
tion and reflecting all balances accurately as of that date. (Ignore income tax effects.) 2 3 P12-2 (Accounting for Patents) Choo Laboratories holds a valuable patent (No. 758-6002-1A) on a pre- cipitator that prevents certain types of air pollution. Choo does not manufacture or sell the products and processes it develops. Instead, it conducts research and develops products and processes which it patents and then assigns the patents to manufacturers on a royalty basis. Occasionally, it sells a patent. The...
Question 3 0.6 The intangible assets section of Martinez Corporation's balance sheet at December 31, 2017, is presented here. Patents ($78,100 cost less $7,810 amortization) $70.290 Copyrights ($42.000 cost less $29 400 amortization) 12600 $82,890 Total has a useful life of 10 years. The copyright was acquired in January 2011 and also has a useful life of 10 years. The following cash transactions may have affected intangible assets during 2018. Jan. 2 Paid $36,000 egal costs to successtully defend the...
0.5/1 III Teal Mountain Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $42,636 3/1/16 17 years Patent B $16,080 7/1/17 10 years Patent $18,720 9/1/18 4 years The following events occurred during the year ended December 31, 2020 1. Research and development costs of $239,000 were incurred during the year. 2. Patent D was purchased on July 1 for $26,448. This patent has...
Question 7 of 9 < > 0/13 View Policies Show Attempt History Current Attempt in Progress Kingbird Industries has the following patents on its December 31, 2019, balance sheet. Patent Item Initial Cost Date Acquired Useful Life at Date Acquired Patent A $45,288 3/1/16 17 years Patent B $17,640 7/1/17 10 years Patent C $24.960 9/1/18 4 years The following events occurred during the year ended December 31, 2020. 1. Research and development costs of $252,000 were incurred during the...
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